Iraqi News Highlights Wednesday Evening 6-14-23
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The Government’s Financial Advisor Determines To / Nina / The Reasons For The Current High Exchange Rate Of The Dollar In The Local Markets And Ways To Reduce It
Wednesday 14, June 2023 10:17 | Economical Number of readings: 432 Baghdad / NINA / – The government’s financial advisor, Mazhar Muhammad Salih, identified the reasons for the current high exchange rate of the dollar in the local markets and ways to reduce it.
He told the National Iraqi News Agency ( NINA ) that among the reasons for the rise in the exchange rates of the dollar in the local markets is the high spending in the Iraqi currency by citizens, merchants and the government, the increase in demand for the dollar and the establishment of new projects for the government, as well as the delay in approving the budget for six months, all of which are factors and effects. led to this rise.
He explained that the cash reserve in dollars in the Central Bank of Iraq is good, with the continued flow of oil imports in dollars to the central bank, and therefore the central bank contributes to several measures close to re-exchanging the dollar as specified in the budget, 1300 dinars against one dollar. / https://ninanews.com/Website/News/Details?key=1059553
Minister Of Transport: The Path Of Development Constitutes A Qualitative Transition In The Economy For Iraq, The Region And The World
Money and business Economy News _ Baghdad Today, Wednesday, Minister of Transport, Razzaq Muhibis Al-Saadawi, said that the path of development constitutes a qualitative transition in the economic and commercial reality of Iraq, the region and the world.
This came in a speech he delivered during a meeting of the technical committees on the development road project, which was sponsored by the Ministry of Transport.
The minister added that the path of development constitutes a vital path and enhances our economic and social relations between our peoples, adding that, with the support of the Prime Minister, we have completed the approval of the economic feasibility study prepared by the Italian consulting company.
He also said: We reaffirm that we are determined to complete this project, considering that the path of development constitutes a qualitative transition in the economic and commercial reality of Iraq, the region and the world. Views 46 06/14/2023 – https://economy-news.net/content.php?id=34746
Reuters: Two Billion Dollars In Losses For The Kurdistan Region From Stopping Oil Exports Within 80 Days
Energy Economy News _ Baghdad Iraq is working to start technical talks with Turkey by early next week on resuming oil exports from northern Iraq, but hopes appear low that a quick solution can be reached, sources told Reuters.
Turkey stopped Iraq’s exports of 450,000 barrels per day through the oil pipeline that extends from the Kurdistan region in northern Iraq to the Turkish port of Ceyhan on March 25.
Reuters calculations indicate that the 80-day stoppage has cost the Kurdistan Regional Government more than two billion dollars.
The two sources, familiar with the discussions, said on condition of anonymity that discussions at a technical level regarding the resumption of exports between Iraq and Turkey are scheduled to take place over the weekend or early next week.
An Iraqi oil official from the state North Oil Company told Reuters that the Turkish state energy company said that the pipeline needs further technical examination before restarting and will send a technical note on the status of the pipeline in the coming days.
The source said that this does not mean the resumption of exports immediately because this decision requires high-level political talks, adding that a Turkish energy delegation is expected to arrive in Baghdad, but he has not set a date yet.
Turkey’s decision to suspend exports followed an arbitration decision by the International Chamber of Commerce that ordered Turkey to pay Baghdad $1.5 billion in compensation for damages caused by the Kurdistan Regional Government’s export of oil without permission from the government in Baghdad between 2014 and 2018.
Attempts to restart the pipeline were delayed by last month’s Turkish presidential election and discussions between the Iraqi government’s Oil Marketing Company (SOMO) and the KRG over an export deal that has now been reached.
Hopes for the resumption of work were boosted when Turkish President Alp Arslan Bayraktar appointed Minister of Energy and Natural Resources on June 3.
Sources told Reuters earlier that among the issues to be resolved was that Turkey seek to negotiate the amount of compensation ordered by the International Chamber of Commerce.
The sources said they also want to permanently resolve outstanding issues in other open arbitration cases before they agree to resume flows.
Last Monday, the Iraqi parliament approved the 2023 budget, which included some articles that negate the financial independence of the Kurdistan Regional Government.
And the Kurdistan region suffers from a lack of liquidity due to the interruption of the pipeline, and Iraqi politicians and Kurdish lawmakers said that the region had no other choice but to approve the budget, from which it would receive 12.67 percent of the total 198.9 trillion dinars ($ 153 billion).
The loss in KRG revenue due to the 80-day oil shutdown is more than $2 billion, according to Reuters calculations based on exports of 375,000 barrels per day, plus the KRG’s historical discount to the price of Brent crude.
The pipeline was also exporting about 75,000 barrels per day of federal crude.
140 views 06/14/2023 – https://economy-news.net/content.php?id=34741
High Oil Contracts In The Global Market
Economy | 07:58 – 06/14/2023 Baghdad – Mawazine News Oil prices rose slightly on Wednesday, after China, the world’s second-largest economy, cut short-term interest rates and is also considering a broad package of stimulus measures.
Brent crude futures rose 8 cents to $74.37 a barrel by 04:19 GMT. US West Texas Intermediate crude was at $69.43 a barrel, up 1 cent.
US inflation slowed in May, supporting the idea that the Federal Reserve will stop raising interest rates.
Both benchmarks rose more than 3% on Tuesday on hopes of boosting fuel demand after China’s central bank cut its short-term lending rate. Prices fell 4% on Monday on concerns about the Chinese economy after disappointing economic data last week.
https://www.mawazin.net/Details.aspx?jimare=229192
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